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Miami Condo Project for $375M is Coming

Wednesday, July 19 2006 @ 08:53 PM MSD

A huge mixed-use development in Miami, which was slated to have 3,000 condominium units, is coming. Joe Cayre, who purchased the site, the 56-acre former Buena Vista railroad yard, for $34.5 million in December 2002, is developing the project, dubbed Midtown Miami, located a few miles north of Downtown Miami.

The developer, who was unavailable for comment at press time, told a local newspaper, The Miami Herald, that he wanted to remain in control of the project after a sale takes place.

So far, the Midtown Miami developers, including Cayre and Miami Beach-based Michael Samuel, have topped off one of the planned 11 condominium towers while two others are under construction. Shops, offices and an entertainment center are also planned for the project.

Selling the land at Midtown Miami does not seem like an unreasonable move, given today's market for condominiums, which is cooling down rapidly, Jack McCabe, CEO of McCabe Research and Consulting in Deerfield Beach, Fla. told CPN. Recently, he noted, Miami developer Jorge Perez cancelled two condominium projects in Las Vegas and sold the land for one of the developments. In South Florida, other developers have also called a halt or are delaying their condominium projects.

The developers could be selling an interest in the partially completed buildings and contracts they've already got," said Miami real estate broker Tom Dixon. Cayre told The Miami Herald on Monday that he was selling a large interest in Midtown Miami for tax reasons, which Dixon said could be a legitimate reason to sell.